Commercial National Financial Corporation Reports 3rd Quarter 2019 Earnings

ITHACA, Mich., Oct. 24, 2019 (GLOBE NEWSWIRE) — Commercial National Financial Corporation (Pink Sheets: CEFC) today announced third quarter 2019 net income of $1,478,000, or $.37 per share compared to third quarter 2018 net income of $1,177,000, or $.30 per share.  Return on Equity (ROE) was 15.57% for the third quarter of 2019 compared to 13.68% for the third quarter of 2018.
Total assets were $512.1 million at September 30, 2019 compared to $519.1 million at September 30, 2018.  The decrease in total assets is primarily due to intentionally decreasing brokered certificates of deposit with excess liquidity.  This resulted in an improved net interest margin which was 3.12% in the third quarter of 2019 as compared to 2.88% in the third quarter of 2018.  Total loans of $381.9 million increased $.1 million, or .04% year over year.  The lending environment remains very competitive in our markets and we experienced several large commercial loan payoffs during the past twelve months.  However, our loan pipeline is growing and we expect loans to increase during the next several quarters.For the third quarter ended September 30, 2019, net interest income increased $267,000, or 7.7% primarily due to the net interest margin improvement discussed above.  Non-interest income rose by $150,000, or 23.9% primarily due to increased loan fees.  Operating expenses increased by $33,000, or 1.2% primarily due to higher wages and benefits expense and professional fees, partially offset by lower FDIC insurance expense related to the small bank assessment credits of $65,000 applied by the FDIC during the quarter.Commercial National Financial Corporation operates through a single subsidiary bank, Commercial Bank.   Visit to view the latest consolidated Annual Report, news releases and other information about CEFC and Commercial Bank.Contact:
Kevin A. Twardy

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.